Profit & loss account

IB Business Management: Profit & loss account

Also known as the income statement, the profit & loss account shows a firm’s net profit (or loss) after all production costs have been subtracted from the organization’s revenues, each year. The prescribed IB format for the profit and loss account is shown below:Profit & loss account for (Company name), for the year ended (date)$Sales revenue700,000Minus Cost of goods sold


To access the entire contents of this site, you need to log in or subscribe to it.

You can also request a Free trial or check the blog (which is also free)

All materials on this website are for the exclusive use of teachers and students at subscribing schools for the period of their subscription. Any unauthorised copying or posting of materials on other websites is an infringement of our copyright and could result in your account being blocked and legal action being taken against you.